Industry News

In the Press - REA launches dedicated online auction tool for property vendors

Publish Date: 23 April 2018

By Beth Fox


In the Press - REA launches dedicated online auction tool for property vendors

Further reading

EIG Newsletter April 2018 - Essential Auction News

EIG Newsletter May 2018 - Essential Auction News

Photo: REA chairperson Eoin Dillon with David Sandeman, Essential Information Group, at the launch of the REA Online Auction Platform

In the Press - REA launches dedicated online auction tool for property vendors

by Aaron Leavy
Estate agency group, Real Estate Alliance, or REA, has launched a dedicated online auction tool aimed at reducing the time taken to sell the average property from months to weeks.
The group is offering an integrated online and offline service, allowing vendors to switch between the two on its REA Online Auctions platform. The tool allows all legal documents around a property sale to be uploaded in advance, removing unnecessary delays that affect many private treaty sales.

Vendors can choose between selling their property through private treaty or online auction - or an amalgamation of both. And, because the Contract for Sale is made available online, purchasers and their solicitors can inspect the legal pack and any queries can be dealt with prior to the online auction.
"The typical private treaty route can take an average of six months from instruction to exchange of contracts because the system is not set up for speed," said REA chairman Eoin Dillon. "With the REA Online Auction option, transparency and greater knowledge on all sides helps speed up the sales process.
All the relevant property details are uploaded to the online platform including the AMV, bid incremants, deposit requirements and bidding duration. The fact that all legal queries are dealt with prior to the online auction gives buyers greater confidence in the bidding process and, more importantly, assists in bringing the sale to a successful conclusion," said Dillon.
"Bidders are required to provide a refundable Bidder Security Deposit of €5,000 prior to the commencement of the online auction and the successful buyer pays the balance of the 10 percent deposit within a period of two days."
"In a normal private treaty situation, you could go sale agreed after 12 weeks, but by the time the engineers report is completed and the sales contract is issued and exchanged, the process can take as long again. However, with an online auction, the process is instant, with bidders pre-authorising the REA agent to sign the sales contract on their behalf. Signed copies of the sales contract are sent to both parties' solicitors."
The REA Online Auction platform can either handle individual sales or centrally managed portfolio sales.